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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 213137, member: 29339"] [B][SIZE=5]BTCUSD and XRPUSD Technical Analysis – 20th SEP 2022[/SIZE][/B] [img]https://i.postimg.cc/c1M3sshp/btc.jpg[/img] [B][SIZE=5]BTCUSD: Bullish Engulfing Pattern Above $18293[/SIZE][/B] Bitcoin was unable to sustain its bearish momentum and after touching a low of 18322 on 19th Sep, it has entered into a consolidation channel above the $19000 handle today in the European trading session. The price of bitcoin continues to move in a tight range between 19200 and 19700 levels today suggesting that we have hit the bottom of the downtrend. We can see the formation of an ascending channel pattern on the hourly chart of the BTCUSD. The price of bitcoin is nearing the horizontal support level in the daily time frame indicating the bullish tone in the markets. We can clearly see a bullish engulfing pattern above the $18293 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend. Bitcoin touched an intraday high of 19679 in the Asian trading session and an intraday low of 19195 in the European trading session today. Both the STOCH and Williams percent range are indicating overbought levels which means that in the immediate short term a decline in the prices is expected. The relative strength index is at 53 indicating a NEUTRAL demand for bitcoin at the current market levels and the continuation of the buying pressure in the markets. Bitcoin is now moving below its 100 hourly simple moving average and below its 200 hourly exponential moving averages. Some of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 20000 and 21500. The average true range is indicating LESS market volatility with a mild bullish momentum. [LIST] [*] Bitcoin: bullish reversal seen above $18293 [*] The commodity channel index is indicating a neutral level [*] The price is now trading just above its pivot level of $19399 [*] Some of the moving averages are giving a BUY market signal [/LIST] [B][SIZE=5]Bitcoin: Bullish Reversal Seen Above $18293[/SIZE][/B] [img]https://i.postimg.cc/sDjhxt0v/btcx.png[/img] The price of bitcoin has crashed below the important support level of $19000 due to the strength of the US dollar and the increase in the global market liquidity pattern. The adaptive moving average AMA50 and moving average MA20 is giving a bullish trend reversal signal in the 15-minutes time frame. We can see that the momentum indicator is giving a bullish trend signal in the weekly time frame. We have also detected a bullish opening of the markets indicating the underlying bullish sentiment. The immediate short-term outlook for bitcoin is bullish, the medium-term outlook has turned neutral, and the long-term outlook remains neutral under present market conditions. Bitcoin’s support zone is located at $18000 and the prices continue to remain above these levels for the continuation of the bullish reversal in the markets. The price of BTCUSD is now facing its сlassic resistance level of 19544 and Fibonacci resistance level of 19722 after which the path towards 20000 will get cleared. In the last 24hrs BTCUSD has increased by 4.77% by 881$ and has a 24hr trading volume of USD 36.188 billion. We can see an increase of 6.47% in the trading volume compared to yesterday, which appears to be normal. [B][SIZE=5]The Week Ahead[/SIZE][/B] The price of bitcoin is moving in a consolidation zone above the $19000 level. At present the price of bitcoin is gaining a bullish traction against the US dollar in the medium-term range. We can see the buildup of positive momentum in the markets with the prices moving close to the psychological support level of $20000. The daily RSI is printing at 40 which indicates a weak demand from the long-term investors. The price of BTCUSD will need to remain above the important support level of $18500 this week. The weekly outlook is projected at $21000 with a consolidation zone of $20000. [B][SIZE=5]Technical Indicators:[/SIZE][/B] The moving averages convergence divergence (12,26): is at 5.20 indicating a BUY The ultimate oscillator: is at 51.34 indicating a BUY The rate of price change: is at 0.70 indicating a BUY The average directional change (14): is at 28.61 indicating a BUY [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I]Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.[/I] [/QUOTE]
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